Author: Brayden Lindrea, CoinTelegraph; Translated by: Deng Tong, Golden Finance
The BlackRock USD Institutional Digital Liquidity Fund has reached a market capitalization of $500 million, becoming the first tokenized treasury fund to reach this milestone.
Less than four months after its launch, BlackRock’s BUIDL currently holds $502.8 million worth of tokenized treasury funds, according to Ethereum block explorer Etherscan.
Ondo Finance, a real-world asset tokenization company, achieved this milestone by purchasing more BUIDL and using it as a backing asset for its OUSG token.
Transactions using the BUIDL contract address in the past 8 hours. Source: Etherscan
BlackRock’s BUIDL surpassed the Franklin OnChain U.S. Government Money Fund (BENJI) to become the world’s largest tokenized treasury fund in late April — less than six weeks after its launch on March 15. BUIDL has held the top spot ever since.
BUIDL’s price is pegged 1:1 to the U.S. dollar, and daily accrued dividends are paid directly to investors each month through a partnership with Securitize, a real-world asset tokenization platform.
Ondo’s OUSG is the largest holder of BUIDL, holding $173.7 million, while stablecoin issuer Mountain Protocol also holds BUIDL to support its permissionless yield-generating stablecoin USDM.
According to data compiled by 21Shares parent company Dune Analytics, the current value of on-chain tokenized treasury funds is $1.67 billion.
Ethereum is the leading tokenized blockchain, accounting for more than 75% of treasury funds, followed by Stellar at 23.9%.
In January, BlackRock CEO Larry Fink said blockchain tokenization could make capital markets more efficient, and Boston Consulting Group estimates that blockchain tokenization will become a $16 trillion market by 2030.
U.S. Treasuries are just one piece of the pie — stocks, real estate, and many other assets can also be tokenized.
Data from Crypto Koryo by Dune Analytics shows that the number of real-world asset transactions peaked in April 2024, but has fallen significantly since then.
Number of on-chain real-world asset transactions since December 2023. Source: Dune Analytics
WisdomTree is another large asset manager that has tokenized RWAs, while Ondo Finance, Backed Finance, Matrixdock, Maple Finance, and Swarm are blockchain-native companies operating in the space.